Melbourne Cup 2012 Set For 1Billion Dollars of Bets

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Overview:

"Workplaces, bars, clubs, restaurants and private homes are all expected to throw caution to the wind this year as Aussies opt for a smorgasbord of food and beverages to celebrate."

Description:

"Workplaces, bars, clubs, restaurants and private homes are all expected to throw caution to the wind this year as Aussies opt for a smorgasbord of food and beverages to celebrate."

But it will be the time-honoured tradition of office sweeps and long queues at the TAB that will see a 7.5 per cent increase in betting.

IBISWorld tips punters will lay $404 million in bets on the day and lose $60.6 million, up from the $56.4 million blown last year.

While financial markets are taking an each-way bet on another cut to interest rates next Tuesday, CommSec economist Savanth Sebastian said punters would have to wait for the banks to pass it on anyway before they had any extra cash to splash on the fillies.

He said there was a 52 per cent chance the Reserve Bank would drop rates a further 25 basis points, or roughly $60 a month on a standard $300,000 mortgage.

F or punters who have no luck on the track, they will have another chance to waste their money all over again when Oz Lotto jackpots to a record $100 million.

IBISWorld predicts people will splurge $46.7 million dressing up on Cup day but Ms Dobie said most of it would be sprucing up something already in the wardrobe.

"For the ladies, this may include a new hat or fascinator, shoes, handbag or jewellery," she said. "For the men, it may be a new tie

or cufflinks."

One woman who will have no trouble deciding what to wear is former Miss Universe Australia Laura Dundovic, who will be among a constellation of celebrities to glitz racing's premier carnival including Jennifer Hawkins, Real Housewives Of Beverly Hills star Taylor Armstrong, Nicole Kidman and Sex And The City's Kim Cattrall.

"I keep my eyes peeled coming up to the races, I look at the overseas fashion shows and gets ideas for shapes and then go from there," Dundovic said.